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Hubert Savings Account rate Increases to 1.95%
June 14, 2014
12:46 pm
Norman1
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Loonie said
....
It's all very well to do everything online, but there is always the risk of information being lost or tinkered with at some point. I still have every solitary document in regard to older RRSPs opened before the virtual age. In one case, the bank in question has lost track of my beneficiary, so that the statement always lists "estate" as beneficiary. But I have the original document.

I would try to have that RRSP beneficiary corrected to reflect who you would like the beneficiary to be.

The bank in question may have lost their copy of the account opening document. Should the beneficiary not be able locate your copy after you're gone, the RRSP will be paid out to your estate.

June 14, 2014
1:09 pm
Loonie
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Norman:
Yes, I read over some of the terms etc for Hubert, those available online at least, and it is very clear that the customer must take the initiative for absolutely everything. Definitely no-frills.
The statement you have provided from the email explains for me why there is no listing on their GIC rates table for the 1 year term. It is because the 1 year term has, for now at least, been replaced by this 4-part one.
Perhaps the way we should understand Hubert is that while you can often get superior rates there, you will 'pay" for it in the way they do business. In that sense, it might be a fair trade-off. You will get a better return but you will have to do more work to make sure everything is done to your satisfaction.

kanaka:
Yes, I've noticed that some institutions are now allowing for a secondary beneficiary, just as some lawyers are now asking for a third on wills. I would think that even if the banks etc don't offer this option, that one ought to be able to cover it off through one's will somehow. It will no doubt be more difficult, as the banks always prefer their own forms, but I expect it could be done. I am not a lawyer and one should consult one.
I find that it's one thing to ask for a copy of something and quite another sometimes to receive it. If I am dealing with a bank in person, I will ask and they will say 'yes', but then I always have to check at the end of the visit as to whether I have in fact received it.

June 14, 2014
3:38 pm
Norman1
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Loonie said
....
Yes, I've noticed that some institutions are now allowing for a secondary beneficiary, just as some lawyers are now asking for a third on wills. I would think that even if the banks etc don't offer this option, that one ought to be able to cover it off through one's will somehow. It will no doubt be more difficult, as the banks always prefer their own forms, but I expect it could be done. I am not a lawyer and one should consult one.
....

A will can override the beneficiary designation of an RRSP in some cases.

FeelGreatRetirement.com: Choosing a beneficiary of an RRSP needs to be done with care suggests that a will can override the RRSP beneficiary designation in Alberta when the RRSP is from a financial institution that's not an insurance company.

Financial Post article Carefully consider RRSP ramifications in your will suggests that, in Ontario, a will executed after an RRSP beneficiary designation is made can override the designation.

In a will, there can be multiple beneficiaries. I think there can even be conditional ones.

June 14, 2014
4:03 pm
Norman1
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Loonie said
....
Yes, I read over some of the terms etc for Hubert, those available online at least, and it is very clear that the customer must take the initiative for absolutely everything. Definitely no-frills.

The statement you have provided from the email explains for me why there is no listing on their GIC rates table for the 1 year term. It is because the 1 year term has, for now at least, been replaced by this 4-part one.

Perhaps the way we should understand Hubert is that while you can often get superior rates there, you will 'pay" for it in the way they do business. In that sense, it might be a fair trade-off. You will get a better return but you will have to do more work to make sure everything is done to your satisfaction.
....

For Hubert, their one-year term is a special limited-time offering. Normally, their shortest term deposit is for two years.

Their no-frills web site may be a consequence of not having a large web site development team instead of a deliberate decision on features. Someone mentioned that their funds transfer out used to require one to enter the institution, transit, and account numbers of the external account each time. Now, one can select a linked account from a dropdown list.

June 14, 2014
8:33 pm
Loonie
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I suppose one should be alert to any legal implications of having money held in a province other than the one where one resides and where one's will will be probated.

July 25, 2014
11:13 pm
martin14
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Loonie said

I suppose one should be alert to any legal implications of having money held in a province other than the one where one resides and where one's will will be probated.

I would be interested in learning some of those implications.

Is it possible to just register a will in any province where you are holding money ?

July 26, 2014
12:51 pm
GS1
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martin14 said

[snip]

I would be interested in learning some of those implications.

[snip]

Here is a link to a recent article I read. It is not specific to wills but does discuss them. I had read a few weeks ago about about "multiple wills" and was really confused till I did a little more research.

Start here if you want to spend the time.

GS

July 26, 2014
2:09 pm
Norman1
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martin14 said
Is it possible to just register a will in any province where you are holding money ?

I don't think one can register a will in many provinces.

I don't think Ontario has any probate-recognized way to register a will. In British Columbia, Vital Statistics can register a notice about one's will but not the will itself:

A wills notice is a form that you fill out to say that you have made a will. The wills notice contains the following information:

•Your full legal name and date of birth.
•The date you signed the will.
•The location of your will.
•The date you filed the wills notice with Vital Statistics.

Vital Statistics does not keep a copy of your will or record any information about its contents.

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